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RH（RH）与VinFast Auto Ltd.（VFS）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是VinFast Auto Ltd.的1.2倍（$883.8M vs $718.6M），RH净利率更高（4.1% vs -2.8%，领先6.9%）
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
RH vs VFS — 直观对比
营收规模更大
RH
是对方的1.2倍
$718.6M
净利率更高
RH
高出6.9%
-2.8%
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $883.8M | $718.6M |
| 净利润 | $36.3M | $-20.0M |
| 毛利率 | 44.1% | — |
| 营业利润率 | 12.0% | -96.1% |
| 净利率 | 4.1% | -2.8% |
| 营收同比 | 8.9% | — |
| 净利润同比 | 9.3% | — |
| 每股收益（稀释后） | $1.83 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收RHVFS
| Q4 25 | $883.8M | — | ||
| Q3 25 | $899.2M | $718.6M | ||
| Q2 25 | $814.0M | $663.0M | ||
| Q1 25 | $812.4M | $656.5M | ||
| Q4 24 | $811.7M | — | ||
| Q3 24 | $829.7M | $511.6M | ||
| Q2 24 | $727.0M | — | ||
| Q1 24 | $738.3M | $302.6M |
净利润RHVFS
| Q4 25 | $36.3M | — | ||
| Q3 25 | $51.7M | $-20.0M | ||
| Q2 25 | $8.0M | $-51.8M | ||
| Q1 25 | $13.9M | $-26.1M | ||
| Q4 24 | $33.2M | — | ||
| Q3 24 | $29.0M | $-10.4M | ||
| Q2 24 | $-3.6M | — | ||
| Q1 24 | $11.4M | $-618.3M |
毛利率RHVFS
| Q4 25 | 44.1% | — | ||
| Q3 25 | 45.5% | — | ||
| Q2 25 | 43.7% | — | ||
| Q1 25 | 44.7% | — | ||
| Q4 24 | 44.5% | — | ||
| Q3 24 | 45.2% | — | ||
| Q2 24 | 43.5% | — | ||
| Q1 24 | 43.5% | — |
营业利润率RHVFS
| Q4 25 | 12.0% | — | ||
| Q3 25 | 14.3% | -96.1% | ||
| Q2 25 | 6.9% | -79.0% | ||
| Q1 25 | 8.7% | -74.0% | ||
| Q4 24 | 12.5% | — | ||
| Q3 24 | 11.6% | -65.9% | ||
| Q2 24 | 7.5% | — | ||
| Q1 24 | 8.7% | -139.4% |
净利率RHVFS
| Q4 25 | 4.1% | — | ||
| Q3 25 | 5.8% | -2.8% | ||
| Q2 25 | 1.0% | -7.8% | ||
| Q1 25 | 1.7% | -4.0% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 3.5% | -2.0% | ||
| Q2 24 | -0.5% | — | ||
| Q1 24 | 1.5% | -204.3% |
每股收益（稀释后）RHVFS
| Q4 25 | $1.83 | — | ||
| Q3 25 | $2.62 | — | ||
| Q2 25 | $0.40 | — | ||
| Q1 25 | $0.71 | — | ||
| Q4 24 | $1.66 | — | ||
| Q3 24 | $1.45 | — | ||
| Q2 24 | $-0.20 | — | ||
| Q1 24 | $0.91 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $43.1M | $8.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3M | — |
| 总资产 | $4.8B | $183.2M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资RHVFS
| Q4 25 | $43.1M | — | ||
| Q3 25 | $34.6M | $8.8M | ||
| Q2 25 | $46.1M | $650.0M | ||
| Q1 25 | $30.4M | $2.4M | ||
| Q4 24 | $87.0M | — | ||
| Q3 24 | $78.3M | $1.9M | ||
| Q2 24 | $101.8M | — | ||
| Q1 24 | $123.7M | $3.0M |
股东权益RHVFS
| Q4 25 | $3.3M | — | ||
| Q3 25 | $-40.9M | — | ||
| Q2 25 | $-110.8M | $-7.2B | ||
| Q1 25 | $-163.6M | — | ||
| Q4 24 | $-183.0M | — | ||
| Q3 24 | $-234.7M | — | ||
| Q2 24 | $-289.9M | — | ||
| Q1 24 | $-297.4M | — |
总资产RHVFS
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.7B | $183.2M | ||
| Q2 25 | $4.7B | $7.2B | ||
| Q1 25 | $4.6B | $158.2M | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.4B | $151.8M | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.1B | $145.6M |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $131.9M | — |
| 自由现金流经营现金流 - 资本支出 | $83.0M | — |
| 自由现金流率自由现金流/营收 | 9.4% | — |
| 资本支出强度资本支出/营收 | 5.5% | — |
| 现金转化率经营现金流/净利润 | 3.64× | — |
| 过去12个月自由现金流最近4个季度 | $128.1M | — |
8季度趋势，按日历期对齐
经营现金流RHVFS
| Q4 25 | $131.9M | — | ||
| Q3 25 | $137.7M | — | ||
| Q2 25 | $86.6M | — | ||
| Q1 25 | $-18.8M | — | ||
| Q4 24 | $-31.4M | — | ||
| Q3 24 | $11.2M | — | ||
| Q2 24 | $56.1M | — | ||
| Q1 24 | $-114.0M | — |
自由现金流RHVFS
| Q4 25 | $83.0M | — | ||
| Q3 25 | $80.7M | — | ||
| Q2 25 | $34.1M | — | ||
| Q1 25 | $-69.7M | — | ||
| Q4 24 | $-96.0M | — | ||
| Q3 24 | $-37.9M | — | ||
| Q2 24 | $-10.1M | — | ||
| Q1 24 | $-251.5M | — |
自由现金流率RHVFS
| Q4 25 | 9.4% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 4.2% | — | ||
| Q1 25 | -8.6% | — | ||
| Q4 24 | -11.8% | — | ||
| Q3 24 | -4.6% | — | ||
| Q2 24 | -1.4% | — | ||
| Q1 24 | -34.1% | — |
资本支出强度RHVFS
| Q4 25 | 5.5% | — | ||
| Q3 25 | 6.3% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 6.3% | — | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 5.9% | — | ||
| Q2 24 | 9.1% | — | ||
| Q1 24 | 18.6% | — |
现金转化率RHVFS
| Q4 25 | 3.64× | — | ||
| Q3 25 | 2.66× | — | ||
| Q2 25 | 10.78× | — | ||
| Q1 25 | -1.35× | — | ||
| Q4 24 | -0.95× | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -10.01× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
